Felix Narhi joins Pender

Mr. Narhi joins Pender as Portfolio Manager* of the newly launched
Pender US All Cap Equity Fund. His mandate also includes working
alongside David Barr, Pender's Chief Investment Officer, in setting the
direction of Pender's overall investment strategy.

Mr. Narhi brings over 14 years of experience in equity analysis to
Pender. For the last nine years, he has been at the independent and
value-oriented investment firm, Odlum Brown Ltd. As a Director and
Senior Equity Analyst, he contributed thought leadership and investment
ideas to the Odlum Brown Model Portfolio.

"We are delighted to welcome Felix to our investment management team,"
said Kelly Edmison, President of Pender. "Felix fits perfectly into our
independent value-based investment philosophy and will compliment Dave
Barr in building Pender into a leading fund management company."

"I am delighted to join Pender at this exciting stage of the firm's
development," said Mr. Narhi. "In an industry where conventional wisdom
is often long on 'convention' and short on 'wisdom', Pender goes long
on 'wisdom' to achieve its goal of great results for its investors. I
have known Dave Barr for almost a decade as a very capable investor and
a man of high integrity. When he approached me with his long-term
vision to build Pender into a broader-based value-oriented investment
firm right here in Vancouver, I knew it was both a great fit and an
opportunity I could not pass up. I look forward to helping Pender
continue to achieve its goal of great investment results and grow to
the next level."